NEW YORK (Standard&Poor's) Oct. 17, 2002—Standard&Poor's Ratings Services said today it assigned its single-'A' rating to New York City's $850 million general obligation bonds, fiscal 2003 series C, D, and E, due Aug. 1, 2022. The outlook is stable. Standard&Poor's today also affirmed its single-'A' rating on the city's $27.8 billion of outstanding general obligation debt. The rating reflects the city's substantial and highly diverse economic base, which has weakened in the past year as a result of the recession and the Sept. 11 terrorist attacks; the fiscal 2003 budget plan in place, which effectively closed a $5 billion budget gap but includes some risk; and detailed and comprehensive long-term financial planning, which has
